Wednesday, October 17, 2007

Key Technical Support Levels for the Indexes

Posted by TraderMark at 2:25 PM TweetThis
I'd expect the selling to taper off once we get to support; if not, could be ugly.

DJIA 50 day moving average = 13,735
Currently = 13,812 so 0.55% away

NASDAQ 50 day moving average = 2683
Currently = 2760 or 2.8% away

Russell 2000 50 day moving average = 810
Currently = 818 or 1.0% away

SP500 50 day moving average = 1516
Currently = 1529 or 0.85% away

It sounds simplistic but the computers that run Wall Street will probably have some buying waiting at these levels. Obviously (no surprise) NASDAQ is the standout, the other 3 indexes all appear about 0.5-1.0% away from meaningful support. In the past 6 weeks a move like this would be bought hard by the bulls; let's see how they react as we get there in the upcoming hours/days.

Posted by TraderMark at 2:25 PM

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